Can we get preapproved/qualified for fha loan before 3 year waiting period?

Asked by flsun72, Muskego, WI Fri Dec 28, 2012

We had BK that discharged 6/2009. The BK included 2 foreclosures (husband was builder) if non-primary residences that last foreclosed (sold) 4/2010. The 3 year fha waiting period will be 4/2013. We currently have 50K for downpayment, 700 credit score and make over 100k/year. My question is can we go to a lender and get preapproved for a loan prior to 4/2013 (like 3/2013) to take to realtors to make offers and then not have the loan close until after the 3 year date, or will lenders not even prqualify us for an fha loan before 4/2013?

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Wisconsinmor…, , Wisconsin
Thu Jan 24, 2013
I would be happy to assist you. Thank you
0 votes
Wayne Stockw…, Agent, Black River Falls, WI
Fri Dec 28, 2012
Call Andrew At Wintrust Mortgage @ 414-810-9397. He thinks he can fix you up. Good Luck!
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Fri Dec 28, 2012
Actually, you might want to start in 2/13 in case there are letters and documents that will be required to get the financing. You'll want to make sure that you tell the loan officer that the foreclosure was included as part of the bankruptcy.
FHA wants you to have lots of cash in your pocket at close, not towards the down payment. Minimum is 3.5%.
The 3 year period, I believe, is based on the foreclosure date, not the date sold. Don't bring that up.
The letter will simply state that a condition of the loan is that closing must occur after such date that 3 years passes.
0 votes
Thanks for the feedback. Actually the fc date I was referring to was the date the bank sold it to a new owner, not the date the bank took it.
Flag Fri Dec 28, 2012
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